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09 October 2024

Hedgebook Annual User Survey 2024 Findings

The Hedgebook User Survey is used to inform our product development and help answer some of the questions prospects may have about the value users find in Hedgebook - be they corporates, bankers, auditiors, brokers or advisors

In this year’s user survey we saw the overall usage of Hedgebook has gone up with 94% of respondents using it at least once a month and 58% using it at least once week. We believe this is in response to not only to the volatile market but some of the new functionality we have introduced around the FX Exposure Tool – and managing Interest Rate Swaps.

Survey respondents were also really onto managing risk – not just FX risk but also human error and single person risk. It’s not surprising as everyone is more risk alert these days.  This also aligns with the trust in the Hedgebook system being incredibly high with 93% of users say they are ‘very’ or ‘extremely’ satisfied with Hedgebook and ‘reliability’ continuing to rank as number one in user experience.

While all the results are fascinating to us – we know you are probably short on time…

So here are the top 2024 Hedgebook User Survey learnings (full results to follow):

 

1. Those using Hedgebook at least once a week continues to trend upwards with 58% in 2024 compared to just 31% in 2021.
Insight: Greater market volatility has driven usage most using multiple times a week.

2. 92% of respondents say Hedgebook has improved their FX risk management processes.
Insight: Hedgebook’s intuitive interface and powerful features have significantly enhanced FX risk management for the vast majority of users.

3. 87% of users report saving time on FX reporting and analysis since implementing Hedgebook.
Insight: Automation and streamlined processes in Hedgebook lead to significant time savings for users.

4. 95% of respondents would recommend Hedgebook to other businesses for FX risk management.
Insight: High user satisfaction and perceived value lead to strong word-of-mouth recommendations.

5. Finally – what do users value most? Consistently at No.1 for the past four years: “Hedgebook gives me greater visibility, control and confidence in my hedged positions.”
Insight: You have to be happy when your core purpose and value proposition is the number one reason your customers use you. Phew.

 

Free ranging feedback

Finally, we always finish the user survey asking for comments and feedback.  Anything product related goes straight to our product team for review and further investigation. Of the rest – a couple of things we could immediately help with:

  • Hedgebook maintains a library of Help videos and how-to instructions under our Quick Guide page
  • If you are looking for a Dashboard – look no further than the FX Exposure tool – check out how to use it here
  • And for those wondering why your independent Hedgebook valuation doesn’t necessarily marry with what you get from your bank or auditor – check out this blog on the topic.

 

Now – let’s dive into the 2024 Hedgebook User Survey results

 

On average – how often do our clients use Hedgebook?

Frequency 2024 2023 2022 2021
Every working day 6% 11% 3% 3%
Once a week 13% 16% 10% 14%
Several times per week 39% 29% 28% 14%
Multiple times per month 23% 26% 39% 32%
Monthly 13% 11% 11% 32%
Quarterly 6% 8% 8% 3%
Annually 0% 0% 0% 2%

 

And do they use Hedgebook to manage FX forwards, options and/or commodities?

Product 2024 2023 2022 2021
FX Forwards 90% 84% 75% n/a
FX Options 52% 52% 39% n/a
Commodities 10% 20% 25% n/a

 

The greatest number of users are currently using Hedgebook several times a week (39%). This is a 26% increase on last year’s results and more than a 250% increase from 2021(14%).  There was also a year-on-year increase of 4% of those using Hedgebook several times a month (26%) – but this is down from 32% in 2021.

Interestingly we saw a 3-4% drop in those using Hedgebook daily (10.53%) but this was still a big lift from the 3% using Hedgebook daily in 2021. It was also interesting to note that once again, no-one reported using Hedgebook on an annual basis.

The dominance of using Hedgebook for FX versus Commodities continues but it is interesting to see the strong decline in those reporting the use of commodities. It could be simply a reflection of the survey sample but more likely the result of increased volatility.  This question wasn’t included in 2021.

 

 What is ‘very important’ to Hedgebook Users in 2024

Next we asked how important the following statements were as to why someone used Hedgebook.  We have then ranked the responses based on those who said it was ‘very important’ to them.

Why use Hedgebook? 2024 2023 2022 2021
Enhanced analytic capability 10 7 7 9
Automated management reporting 3 4 3 6
Hedging multiple instruments 6 5= 6 4
Improving operational efficiency 4 1= 5 8
Independent derivative valuations 5 5= 4 3
Reduce human error and key-person risk 1 1= 2 2
Streamline hedge accounting 8= 9 8 8
Using more complex derivatives 11 11 11 11
Year-end financial reporting compliance 2 3 1 1
It’s a Cloud hosted solution 8= 8 9 7
Being able to share information with my bank / broker 7 10 10 10

 

There were some interesting variations in these results.  Reducing human error and key person risk remained the number one reason for using Hedgebook – however this has increased from 51% saying it was ‘very important’ last year to 73% in 2024 – a lift of some 30%.

However, in 2021 and 2022 users had different priorities with year end financial reporting compliance taking first spot.

A big downward mover for 2024 however was ‘improving operational efficiency’.  In 2023 it sat as the ‘first equal’ reason for using Hedgebook at 63%. In 2024 it has dropped to fourth place, with 54% seeing it as ‘very important’. Potentially some of the need for improvement has been realized – or equally the economic downturn has driven higher priorities.

 

What does the Hedgebook user experience ranking tell us?

There was very little change in how users rated their experience.  In terms of ranking:

Ranking 2024 2023 2022 2021
1 Reliability Reliability Reliability Reliability
2 Support Support Support Value
3 Value Value Value Effectiveness
4 Ease of Use Ease of Use Effectiveness Support
5 Effectiveness Effectiveness Ease of Use Ease of Use
6 Training Training Training
7 Product innovation Product innovation Product Innovation

 

The absolute leader was Reliability with 100% of this year’s respondents (and high 90’s in the other years) rating this as being above average or excellent in their experience.  One interesting insight was that although Training remained number six – there was a 30% increase from 2023 in those who rated their experience as Excellent.

 

More insights on what Hedgebook users value

Next, we looked at four statements and asked users to rate them based on their experience.  In looking across the three years of results the ability to have greater control and confidence in hedged positions from using Hedgebook remained number one – with 93% agreeing or strongly agreeing with this statement.

The most interesting variance is in ‘data confidence’. From having the lowest rating in 2023 it sits at first equal for 2024 with 93% reacting in a highly positive way to this statement. This is also up from 87% in 2021 which ranked it second equal with removing the stress on year-end compliance.

Statement 2024 2023 2022 2021
HB gives me greater visibility, control and confidence in my hedged positions 1= 1 1= 1
HB gives me more confidence in the data to drive better decision making 1= 4 3 2=
HB allows me to spend less time processing information and more time on things that drive value 4 2 4 4
HB removes the stress from month end and year end compliance reporting 3 3 1= 2=

 

Now let’s take a look at Hedgebook User sentiment in 2024

We also look to gauge user sentiment across a range of questions – while some didn’t shift much – there were some big movers.

We collated the percentage that responded ‘very’ or ‘extremely’ to the following questions:

Statement 2024 2023 2022 2021
How disappointed would you be if you couldn’t use Hedgebook any more? 83% 61% 78% 65%
How valuable is it being on the same platform as your bank/broker 30% 32% 39% 25%
How likely are you to share information using the Hedgebook platform? 53% 50% 40% 43%
How likely are you to try new modules / products / services? 40% 58% 47% 25%
How satisfied are you with Hedgebook overall? 93% 76% 83% 81%
How likely are you to recommend Hedgebook to another colleague? 90% 70% 86% 81%

There was a ~33% lift in those who would be ‘very’ or ‘extremely’ disappointed if they couldn’t use Hedgebook any more (yay!)

A 22% lift in those who were ‘very’ or ‘extremely’ satisfied with Hedgebook overall (double yay!) and a 28% lift in those likely to recommend Hedgebook to another colleague.

But to be absolutely transparent there was also a drop from 58% to 40% of those very or extremely likely to try new modules / products or services?  Not too sure why the enthusiasm for new features has dropped off…it could just be the world has got busier.

 

  Other insights on interest rate swaps, FX Forwards, Options and Commodities

                              

 We only have a year-on-year comparison for these figures – as they weren’t covered in the 2021 user survey. What we have seen is a very slight lift in those using Hedgebook to manage interest rate risk using interest rate swaps but still sitting at a roughly 60% (Y) 40% (N) split.

And as to why they someone wasn’t using Hedgebook to manage IRS?

2024 2023
We don’t have enough debt to worry about it 42% 29%
We manage interest rate risk using another tool 17% 6%
We manage interest rate risk in a spreadsheet 25% 30%
Other 16% 35%

 

Of those who answered ‘no’ there was an 13% increase in those saying they didn’t have enough debt to worry about it and an 11% increase in those managing it using another software tool. Somewhat better news 😊 was a 20% drop in those using a spreadsheet to manage this risk – but it is still hard to get the message through of the risks around this.

 

So that is a wrap on the 2024 Hedgebook User Survey results.

If you are a customer and would like to take part in the next User Survey – please let us know.  If you are not a customer and would like to participate – it only takes us a day to get you set up and running in Hedgebook.  Contact us to set up a demo and you too can become a Hedgebook pro, before you know it.

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